The latest evaluation of the future of virtual reality done by the research company, MarketsAndMarkets states by 2024 the sector’s value would touch US$44.7bn.
During the predicted period, the market is likely to escalate to a figure of $7.9bn at a CAGR of 33.47%. Dynamics like - the accessibility of inexpensive VR devices, massive investments in the VR market, head mounted displays entry, growing digitisation and the advancement of technology “will give a thrust to the virtual reality market during this phase”.
This research seems more optimistic compared to the study done earlier this year by Report Linker which put VR’s value at US$38.7bn by 2024 with a CAGR of 41% in the same time.
Forecasts, opportunities and trends in the VR headset market in 2024 has been explored by the report, focussing on types of headsets. PC-connected setups, standalone and smart phone enabled headsets are some of them. Education, entertainment, media and military can also be assessed by application and specific regions such as Asia Pacific, North America, Europe and other areas of the world have been explored.
Emerging trends that have an immediate influence on the VR headset market including the launching of convenient, attractive and sleek VR headsets and the advancement of VR headsets made by artificial intelligence have been identified.